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it is double taxed or triple tax currently. so those rates on shareholders should be reduced from where they currently are. >> maybe if you raise income taxes -- notes, reading for your one of the interesting things i thought was you say that this proposal is "good and achievable." i thought that was interesting. it's not great though, right? you mentioned the things that make it achievable. it is revenue neutral. maybe some people think that is a plus. it contains progressive and he. that is something you could argue across party lines. what makes this a great traffic -- what makes this a great tax-cut proposal and why don't we see that? >> there was the revenue too.ality box in 1996, reform will have political constraints. a lot of us think that good tax reform will raise economic growth and you would see revenue flow from that. the so-called dynamic scoring and just a much you count that. under conventional models, you go with the static scoring. you look at the boxes they are in right now, it makes it harder. lowering rates
it is double taxed or triple tax currently. so those rates on shareholders should be reduced from where they currently are. >> maybe if you raise income taxes -- notes, reading for your one of the interesting things i thought was you say that this proposal is "good and achievable." i thought that was interesting. it's not great though, right? you mentioned the things that make it achievable. it is revenue neutral. maybe some people think that is a plus. it contains progressive...
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he has keen insight on tax issues. i think i sit will find the code, reducing those rates in a major way, we know this will grow the economy. we believe it will draw more capital to the united states. >> let me give you another critique. it is presented as revenue neutral. this is the committee for a responsible government. it is bipartisan. it praises hard to that. it relies on one-time revenue sources and timing shifts to pay for permanent rate cuts. it could increase deficits in the second decade. >> i think it will be the opposite. it will generate more revenue. it will add $700 billion in new revenues to help us pay down the debt. i believe, spending cuts can get us to a balanced budget. >> you think by the second decade it will raise revenues because of the dynamics. >> in the first decade. >> you drew a parallel to the 1986 tax reform under president reagan. one of the differences is that under that measure, the earned income tax credit for the poor was vastly expanded. under this proposal it would be cut back.
he has keen insight on tax issues. i think i sit will find the code, reducing those rates in a major way, we know this will grow the economy. we believe it will draw more capital to the united states. >> let me give you another critique. it is presented as revenue neutral. this is the committee for a responsible government. it is bipartisan. it praises hard to that. it relies on one-time revenue sources and timing shifts to pay for permanent rate cuts. it could increase deficits in the...
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they have a tax exempt status. he is defending his plan amongst criticism from republicans and democrats that aspects of this go too far. to simplifye have and get lower rates, we can grow the economy by 20%. if we get 20% growth, that will translate to almost 2 million jobs. economy is the number one issue facing americans. americans want to do something about it. this proposal is one way to do something about it. >> the argument from critics is that it may be true controversial for those who would otherwise support it. he will pushs that forward on it and start the conversation. >> is dave camp running for reelection? >> he is running for reelection. who hashis is someone been a serious lawmaker for a long time. people were waiting for this proposal. she will wait what happens in to see what happened then he will stand by it. i thank you, peter cook, from washington, d.c.. coming up, teslas d go factory giga factory to build batteries. will this insight tax incentives? ♪ >> tesla motors has identified four stat
they have a tax exempt status. he is defending his plan amongst criticism from republicans and democrats that aspects of this go too far. to simplifye have and get lower rates, we can grow the economy by 20%. if we get 20% growth, that will translate to almost 2 million jobs. economy is the number one issue facing americans. americans want to do something about it. this proposal is one way to do something about it. >> the argument from critics is that it may be true controversial for...
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it is refocus back on making sure a roll taxes taxes are offset. it is phased out later so more families have that opportunity, and it is a create that poverty trap where the harder you work, the more you are punished. i think it is a smarter way of helping people, and encouraging employees to be hired. >> chairman camp is term limited. you and paul ryan had expressed interest in being the next chairman of the ways and means committee. it is said that paul ryan has the inside track. he is better known. he can raise money. is that true? >> he is a terrific leader. a good friend. the point is, i'm qualified and prepared to lead this committee. i'm going to make that case to my colleagues. this is about ideas and how we can move tax reform forward. it is good to have it. >> what will your prospects be? >> i will be in position to lead the committee. >> you think you were going to get it. >> hopefully we are going to present to the choices to our colleagues. >> thank you for being with us. coming up, unease in the ukraine. and the clintons look to the
it is refocus back on making sure a roll taxes taxes are offset. it is phased out later so more families have that opportunity, and it is a create that poverty trap where the harder you work, the more you are punished. i think it is a smarter way of helping people, and encouraging employees to be hired. >> chairman camp is term limited. you and paul ryan had expressed interest in being the next chairman of the ways and means committee. it is said that paul ryan has the inside track. he is...
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at the end of the day we want tax code.ro-growth this is an important step. >> the bank tax. people said it never happened. they are so powerful. they will never let that happen. , they start with a 30% rate cut. $3 trillionith a stronger economy. they start with -- >> you think it is good for them? >> you look at the whole package. this has much more benefit, especially as banks are laying off thousands of workers because of this disappointing economy. >> will small bank support this? >> i don't know. take a look at the whole package. the economic growth. the impact on customers. we are listening, bring those ideas, let's have the discussion. >> grover norquist says he has would hamstring capital investment and damage economic growth over the long run. why is he wrong? >> i have not her -- i have not heard that point there. he has keen insight on tax issues. i think i sit will find the code, reducing those rates in a major way, we know this will grow the economy. we believe it will draw more capital to the united states. >> let me give you another critique. it is presented a
at the end of the day we want tax code.ro-growth this is an important step. >> the bank tax. people said it never happened. they are so powerful. they will never let that happen. , they start with a 30% rate cut. $3 trillionith a stronger economy. they start with -- >> you think it is good for them? >> you look at the whole package. this has much more benefit, especially as banks are laying off thousands of workers because of this disappointing economy. >> will small...
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persons who evaded their tax obligations and the tax havens who helped them. we learned of one swiss anchor who met with the u.s. client over breakfast that he was luxury hotel and slept the client bank account statements in between the pages of a sports illustrated magazine. instanceslarming belong in a spy novel, not at one of the world's top tanks. betweensay your call two countries laws, but when you come to this country, you send bankers into the united states, set up an office in the united states, help u.s. customers hide what they're doing from u.s. authorities. that is what you did. ceo posturing.e years, the past five credit suisse has become one of the leaders in switzerland, encouraging legal, cultural, and business changes to enable the united states to have transparent access to information about u.s. clients and to enable the united states to recover taxes that are still unpaid by americans holding assets abroad. i can assure you not all banks in switzerland agree with us and many have privately and publicly opposed the positions we take. but fo
persons who evaded their tax obligations and the tax havens who helped them. we learned of one swiss anchor who met with the u.s. client over breakfast that he was luxury hotel and slept the client bank account statements in between the pages of a sports illustrated magazine. instanceslarming belong in a spy novel, not at one of the world's top tanks. betweensay your call two countries laws, but when you come to this country, you send bankers into the united states, set up an office in the...
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clients she on her taxes. it is important if you are really going to the a reform bank that you have got to acknowledge what is clear in our report, the wrongdoing went beyond these mulgrew of rogue bankers. iswhat you see right there the senator nailing the biggest difference. claims that this was just a small number of bankers who were involved. in a report released by the committee, it is a very large number of bankers, as many as 1800, may have been involved. that was not results yet. hear frommittee will top justice department officials in 30 minutes. where does credit suisse stand? >> the investigation is ongoing. the justice department is looking into 14 banks related to tax evasion issues. we know credit suisse is one of those banks. for luminary negotiations and discussions between credit suisse and the justice department have occurred on some kind of settlement. here are the major issues that exist right now. this is what everyone is talking about. the big problem is the government. between the swiss
clients she on her taxes. it is important if you are really going to the a reform bank that you have got to acknowledge what is clear in our report, the wrongdoing went beyond these mulgrew of rogue bankers. iswhat you see right there the senator nailing the biggest difference. claims that this was just a small number of bankers who were involved. in a report released by the committee, it is a very large number of bankers, as many as 1800, may have been involved. that was not results yet. hear...
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be subject to estate tax but they will not be subject to income tax. you can think about stretching out the payments of that ira after you are gone for the benefit of your children or even grandchildren. that gives a lot more economic value. >> the account lives on almost in the form of an ira at the beneficiary of that account, and you have noted, the beneficiary would receive the income and not be subject to the same kind of lump-sum tax. >> you stretch it out over time. >> many of the driving forces is the tax law. you also mentioned as part of the exercise, you have to get organized and get your paperwork in order so that it is not a scramble at the last minute. >> getting organized is critical. that you understand what your goals are and that requires a good deal of thinking. you work with a lawyer specializing in this area. you become very organized about where your assets are, documenting where they are. you put documents in place. wills, trusts, and powers of attorney. they are very important. living wills so that if you're not able to do what
be subject to estate tax but they will not be subject to income tax. you can think about stretching out the payments of that ira after you are gone for the benefit of your children or even grandchildren. that gives a lot more economic value. >> the account lives on almost in the form of an ira at the beneficiary of that account, and you have noted, the beneficiary would receive the income and not be subject to the same kind of lump-sum tax. >> you stretch it out over time. >>...
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tax code. this bill slashes individual and corporate tax rate but imposes new taxes on banks and hedge funds. our tax policy reporter richard rubin joins us now from capitol hill. richard, what does is mean or us? will i lose my mortgage interest rate here? >> not anytime soon. proposal is the super bowl. it will be a comprehensive look at every break and reduction. it is not going anywhere anytime soon. the trade-offs and their are politically toxic for house republicans. democrats are not on board either. this is a blueprint you might see become law. your mortgage interest reductions are safer now. >> how big is that you might see this in the new law? when i think of revamping the tax code, even when i think it is a good idea, i have such little confidence in washington right now that they could get even the smaller things done, how legit is this? >> it really becomes the blueprint. you are seeing a frenzy lobby effort right now. had a provision come out we reported on about a on the banksets
tax code. this bill slashes individual and corporate tax rate but imposes new taxes on banks and hedge funds. our tax policy reporter richard rubin joins us now from capitol hill. richard, what does is mean or us? will i lose my mortgage interest rate here? >> not anytime soon. proposal is the super bowl. it will be a comprehensive look at every break and reduction. it is not going anywhere anytime soon. the trade-offs and their are politically toxic for house republicans. democrats are...
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inmy judgment, the tax work enterprise in savings does not do the tax consumption. basically where a lot of states are going. that is basically where we and the rivlin panel suggested to get the debt out of way -- i should dramatic -- i should say dramatically reduce the deficit, to get to a sales tax like to have in the state of washington or even to a vat tax and focus on consumption but then get rid of corporate and individual income tax. ofyou representing the haves society. not like andrew mellon but a huge -- how do you bring the trust back in the relationship between the major banks and the people watching the television program? how do you bring the trust back? >> the important thing is have the leadership of those institutions -- and i believe they are people of integrity, and vision -- and let them talk about ordinary people about saving and investment and retirement. think about this -- the problem we are facing in the united states is a good problem and a bad problem. the good problem is we live far longer than our parents and the bad thing is we live fa
inmy judgment, the tax work enterprise in savings does not do the tax consumption. basically where a lot of states are going. that is basically where we and the rivlin panel suggested to get the debt out of way -- i should dramatic -- i should say dramatically reduce the deficit, to get to a sales tax like to have in the state of washington or even to a vat tax and focus on consumption but then get rid of corporate and individual income tax. ofyou representing the haves society. not like andrew...
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number one, it would vilify tax rates which ash simplify tax rates for children for education. it would get rid of special interest handouts. it would also eliminate the carried interest tax benefit, which is been a lightning rod in d.c. greg, you, i know, as a former ceo, have quite a lot of opinions about the tax rate and how it is affecting corporate america. what do you think would be the biggest change in the tax code that would help create jobs? >> wow. job creation is, to me, something that has to come from a lack of regulation. the issue that we have had for years now is over-regulation. when you see topics like minimum wage, use it the obama white house working on this, that i want to regulate this, i want to force this, those are not helpful. the government does not have a lot of things that it runs that run well. almost nothing you can point to the -- you wouldn't say "let's privatize that," and it would work good from the job creation standpoint, the less relations and hurdles you have, particularly on small business -- >> but on taxes, what would it be? what reform
number one, it would vilify tax rates which ash simplify tax rates for children for education. it would get rid of special interest handouts. it would also eliminate the carried interest tax benefit, which is been a lightning rod in d.c. greg, you, i know, as a former ceo, have quite a lot of opinions about the tax rate and how it is affecting corporate america. what do you think would be the biggest change in the tax code that would help create jobs? >> wow. job creation is, to me,...
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he will call for a new tax on the biggest banks in the country. a 3.5% basis point tax on total consolidated assets over $500 billion that would be applied quarterly and raise 86 point $4 billion over 10 years and target the 10 systemically important financial institutions. goldman sachs, morgan stanley, bank of america to my jp morgan chase, citigroup, and wells fargo and ge capital, aig, prudential, and met life insurers. here is the example of the hit they would face. assets as of december 31, 2013, 2 point $4 trillion. an estimated tax of 2.7 alien -- billion dollars or 15% of net income. you can understand why the big banks will fight this effort. a very big deal that dave kamp will fight. >> thanks very much. our chief washington correspondent. jpmorgan told investors today that it is cutting more jobs. they are trying to boost profits. for more insight on what this means i am joined by david konrad, the managing director and head of u.s. bank research at macquarie group and joining me here, keri geiger who covers the banking industry. tell
he will call for a new tax on the biggest banks in the country. a 3.5% basis point tax on total consolidated assets over $500 billion that would be applied quarterly and raise 86 point $4 billion over 10 years and target the 10 systemically important financial institutions. goldman sachs, morgan stanley, bank of america to my jp morgan chase, citigroup, and wells fargo and ge capital, aig, prudential, and met life insurers. here is the example of the hit they would face. assets as of december...
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the president shows his new budget with tax cuts for families. deal, the ceoin will be joining us to -- a ceo will be join us to show his new currency venture. >> social media is a tool of the new revolution, we will hear from a thought leader who knows what the next big thing in business is going to be as it relates to local media. -- social media. >> i am stephanie ruhle. >> i am erik schatzker. it is a big hour on bloomberg television. in 30 minutes we will hear from the president himself as he unveils his 2015 budget from elementary school in washington. we will hear more details about what the president wants in a few minutes. before then, we will take you kiev where secretary of state john kerry is meeting with the ukrainian government. watch his reaction to the comments of president putin. it seems like a de-escalation in the tensions, in crimea in particular. >> the ball is concerned about what is happening there with putin's enintentions? 's what are vladimir putin intentions and is he being straightforward. for russia and vladimir putin
the president shows his new budget with tax cuts for families. deal, the ceoin will be joining us to -- a ceo will be join us to show his new currency venture. >> social media is a tool of the new revolution, we will hear from a thought leader who knows what the next big thing in business is going to be as it relates to local media. -- social media. >> i am stephanie ruhle. >> i am erik schatzker. it is a big hour on bloomberg television. in 30 minutes we will hear from the...
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they look at tax reform that will not only simplify the tax code. this is to simply pay our bills. >> let's talk about bills that specifically the kind that get printed. i must -- and the new chair is scheduled to testify tomorrow. >> what we will hear from her is a projection of the continues to recover. frankly, the fact that we have moved from washington being net negative on the economic recovery, maybe the neutral. that can be a positive aspect. a number of members will press on when we will see some additional relaxation and quantitative easing. >> is that what you're going to ask? are those the questions you'll ask? >> by the time they get down to me, i'm sure that they will be asked. one of the areas that i want to highlight is one of the coming fiscal crisis that we have to get ahead of her. we have now had a true billion dollars in student debt that exceeds credit card debt. we are starting to see the price diminish state and the federal support. with the rising college costs, we bought that off with debt. that is coming to an end. i would
they look at tax reform that will not only simplify the tax code. this is to simply pay our bills. >> let's talk about bills that specifically the kind that get printed. i must -- and the new chair is scheduled to testify tomorrow. >> what we will hear from her is a projection of the continues to recover. frankly, the fact that we have moved from washington being net negative on the economic recovery, maybe the neutral. that can be a positive aspect. a number of members will press...
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one way to do that is through tax-free. -- tax reform. we need to help people and create jobs and make america a better place. >> you are reducing the number of tax brackets from three. you are also reducing the top rate on the corporate side and the individual side. you are doing away with a lot of tax breaks. you have industry folks, republicans and democrats in him and you over these changes. are you ready for that? >> we are moving forward on this. rate in america was the lowest in the world. 35-25.rom 99% of taxpayers will be a 25% or less. we are moving forward. to do that, we have to make trade-offs. we can reform our tax code and do away with complexities. 25%.n reduce the code by 95% of americans will not be itemizing the small business owners. because we simplify and because the lower the rate, we can grow the economy by 20%. if we can get 20% growth, that translates to 2 million new jobs. jobs and the economy are the number one issue facing americans. americans want us to do something about it. this is one way to do something a
one way to do that is through tax-free. -- tax reform. we need to help people and create jobs and make america a better place. >> you are reducing the number of tax brackets from three. you are also reducing the top rate on the corporate side and the individual side. you are doing away with a lot of tax breaks. you have industry folks, republicans and democrats in him and you over these changes. are you ready for that? >> we are moving forward on this. rate in america was the lowest...
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getting a lower tax rate on that. a lot of republicans, a lot of businesses are not going to like the way it is paid for even if the likely effects overall. >> for a poor or low income person or family, what with the tangible benefits of this expansion of the earned income tax credit be? how much money would they see and when would they see it? >> what you would see is more directed to childless workers. there is a disparity between families and people without children. people without children do not get as much of a credit. what they will see at the end of the day is the tax refund. if their credit is greater than their tax liability, at the end of the year they will get money back then that will help them meet their bills. very real situation for people living in poverty right now. >> we talked about the minimum wage and this earned income tax credit. what are the other ideas floating around in congress to bring down the poverty rate? >> those are the two major ones. marco rubio has another idea called a wage enhanc
getting a lower tax rate on that. a lot of republicans, a lot of businesses are not going to like the way it is paid for even if the likely effects overall. >> for a poor or low income person or family, what with the tangible benefits of this expansion of the earned income tax credit be? how much money would they see and when would they see it? >> what you would see is more directed to childless workers. there is a disparity between families and people without children. people...
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he takes on the nfl odds tax-exempt status. taken on the nfl tax-exempt status. >> i guess it is good if everyone is upset. dave camp wants to change that private equity tax. >> that is right. he would change the rule for the carried interest that affects both the hedge fund committee -- community and the private equity community. they are just one of several groups that will go after that and complained about that. he says, you've got to look at the whole balance of what the financial industry will get out of a more healthy economy. he thinks 2 million jobs will be created. growth is perhaps 20% better, that is the figure you put out there. and he talks about the politics. it is a midterm election year, and there are some republicans that don't want to rock the ship. i asked him about that. has he put his own party on the spot? here is part of his response. >> we need to be engaged in the big issues of the day. growing the economy, creating jobs, and i have specific proposals to do that. that is what the american people sent u
he takes on the nfl odds tax-exempt status. taken on the nfl tax-exempt status. >> i guess it is good if everyone is upset. dave camp wants to change that private equity tax. >> that is right. he would change the rule for the carried interest that affects both the hedge fund committee -- community and the private equity community. they are just one of several groups that will go after that and complained about that. he says, you've got to look at the whole balance of what the...
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americans care about tax cheats. taxes matter to americans. this country was born in a tax revolt. it is like being on the interstate caught between an 18 will -- 18 wheeler and the guard rail. >> i want to go to the midwest. robert nardelli is with us, he has filed consecutive tax forms. how is a heavy hitter like you thinking about swiss bank accounts as americans hide money? >> first of all, you have to have a lot of money to even think about swiss bank accounts. that rules me out initially. >> right. >> i was going to say, queue the laugh track. big thing is when you talk about the sec, it is notable to see how they have become a profit center recently. where is all of that money going? >> they did settle the books and records violation with the sec over the managing of these tax accounts. >> slap on the wrist? >> $200 million. >> once upon a time that was not a slap on the wrist. yes, but the, criminal investigation continues. >> but why so small? >> that is the simple penalty. they are negotiating with credit suisse over a penalty. this,l be bigger than alternately. >> one wo
americans care about tax cheats. taxes matter to americans. this country was born in a tax revolt. it is like being on the interstate caught between an 18 will -- 18 wheeler and the guard rail. >> i want to go to the midwest. robert nardelli is with us, he has filed consecutive tax forms. how is a heavy hitter like you thinking about swiss bank accounts as americans hide money? >> first of all, you have to have a lot of money to even think about swiss bank accounts. that rules me...
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loop holet tax benefit from? claimis -- a sickly, they the rights to the brand names of the in the text brands -- of the brands. when they have stores in rome or london or paris, the subsidiaries have to pay substantial royalties into this unit in the netherlands. that has the effect of moving billions of dollars of income, taxable income out of those countries and into the netherlands and switzerland, where they have a tax advantage. >> i suppose that affects margins in a different way in different countries, to? countries,fferent too? >> in the netherlands are switzerland they have very low tax rates. in italy and the u.k. and france and germany, it european markets their profit margins have been between three percent and five percent. that is different from what the companies tell their shareholders. the profit margin is more like 15%. inditex say? how do they defend this behavior. ? the proper paying amount of royalties into the subsidiary in the netherlands? on thing that is very interesting and that raised
loop holet tax benefit from? claimis -- a sickly, they the rights to the brand names of the in the text brands -- of the brands. when they have stores in rome or london or paris, the subsidiaries have to pay substantial royalties into this unit in the netherlands. that has the effect of moving billions of dollars of income, taxable income out of those countries and into the netherlands and switzerland, where they have a tax advantage. >> i suppose that affects margins in a different way...
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tax evasion in switzerland. was quizzed byeo a committee. brady dougan insisted that conduct was limited to a handful of employees. hans nichols has the details. word performance at the start of the show at 8:00 a.m. what is the take away? how do people think brady dougan did in front of the senate? it was pretty tough questioning. >> he was pretty cool. he had been prepped for this. there is a ritual to these things. the senators -- i know you were a good schoolboy but there is a ritual when you called to the principal's office. you have to promise to never do it again, sort of in that fault but say, it wasn't really my fault, and you have to be properly contrite. it appears that brady dougan did that. the senators wanted to press him on this one key point, why wasn't anyone actually fired? >> how many culpable officers, directors and key executives have been held accountable -- i mean fired? >> we determined to shut this business down so over the course of the last years, the first two years after that, we basically reduced the size of the
tax evasion in switzerland. was quizzed byeo a committee. brady dougan insisted that conduct was limited to a handful of employees. hans nichols has the details. word performance at the start of the show at 8:00 a.m. what is the take away? how do people think brady dougan did in front of the senate? it was pretty tough questioning. >> he was pretty cool. he had been prepped for this. there is a ritual to these things. the senators -- i know you were a good schoolboy but there is a ritual...
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tax code -- credit suisse has acknowledged misconduct in the u.s. tax code. we discussed that after the break. ♪ morning, welcome back. you are watching "the pulse," live from bloomberg's european headquarters in london. currency markets -- let me show you what is happening with the pound. trading near the top end of the daily range, 1.6691. on gdp thisread morning, in line with estimates. the thing you can take away from date of this morning as that they are showing some really decent pickups in key areas of the economy that are now crucial to the recovery becoming self-sustaining. for instance, net trade, a big area the governor is concerned about. george osborne talking about this starting to pick up and adding a portion of that 0,7 to the growth number. good numbers coming out of the u.k., not better than expected, but the composition of the gdp read is slightly better than anticipated, hence the rebound in the pound versus the u.s. dollar. let's turn our attention to one of our main stories, credit suisse, a u.s. senate committee bank held american cus
tax code -- credit suisse has acknowledged misconduct in the u.s. tax code. we discussed that after the break. ♪ morning, welcome back. you are watching "the pulse," live from bloomberg's european headquarters in london. currency markets -- let me show you what is happening with the pound. trading near the top end of the daily range, 1.6691. on gdp thisread morning, in line with estimates. the thing you can take away from date of this morning as that they are showing some really...
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testifying before a senate committee on the role in tax evasion. insisted this conduct was limited to a handful of employees. hans nichols as the details from berlin. good morning. ritual to these hearings. or anyllenge to dougan, executive, is to be contrite but not give away ground to hurt shareholders. on this one key point on whether anyone would be held accountable, you kept hearing them press the question. >> how many culpable officers in key executives have you held accountable or fire the? >> we determined to shut this business down. over the course of the first two years after that i'm a we basically reduce the size of the business by about 85%. >> how many employees were fired? different credit suisse employees serviced the 22,000 u.s. linked accounts. the committee's report, only 10 of the 1800 were disciplined and no one was fired. is that an accurate statement? is largely accurate. >> why do people take money out of the country of origin and move to switzerland? historically, one of the things obviously highlighted is they are shelteri
testifying before a senate committee on the role in tax evasion. insisted this conduct was limited to a handful of employees. hans nichols as the details from berlin. good morning. ritual to these hearings. or anyllenge to dougan, executive, is to be contrite but not give away ground to hurt shareholders. on this one key point on whether anyone would be held accountable, you kept hearing them press the question. >> how many culpable officers in key executives have you held accountable or...
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they are getting a tremendous tax break. i think it is important there be a trade-off. >> new taxes are going to make it tough for camp to gain support from fellow republicans. the plan is nowhere near becoming law, but is the first major reconstruction attempt since 1986. let's move on to the executive branch. the president thursday launching a new initiative to provide greater opportunities for young black and hispanic men. last february, obama met with a group of young high school men in chicago. one attended the white house event and introduced the president. >> when he came, it was one of the greatest expenses of my life. most people do not get to meet him. if they do, it is just a handshake. he sat down with us and shared his story. to my surprise, he was just like me growing up without a father and sometimes not too concerned with school. [laughter] >> i explained to them when i was their age, i was a lot like them. i did not have a dad in the house. i was angry about it, even though i did not necessarily realize it a
they are getting a tremendous tax break. i think it is important there be a trade-off. >> new taxes are going to make it tough for camp to gain support from fellow republicans. the plan is nowhere near becoming law, but is the first major reconstruction attempt since 1986. let's move on to the executive branch. the president thursday launching a new initiative to provide greater opportunities for young black and hispanic men. last february, obama met with a group of young high school men...
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raising the dividend tax? >> it comes into this concern of mine about income inequality and wage inequality that is an epidemic in this country. we have so isolated at handful of women and men in this economy, purposefully. we have not only tolerated they're becoming inordinately rich, but we encourage it -- >> to pick on henry kravitz as one of the names, he pays those taxes and a capital gains transaction. he does charities. i don't know which ones. he does this, that, and the other thing. is that enough? >> it is not even close to enough. for every woman or man who is philanthropic, there are one doesn't want not. we know that the silicon valley people, enormously wealthy, are traditionally an philanthropic. mark zuckerberg notwithstanding. do not assume positive behavior out of trickle down. trickle down is a fraud. enriching the top of society out of the hope that it trickles down philanthropic way or otherwise makes no sense. >> a leo hindery, on ordinary income. not enoughthere is about elon musk. it is
raising the dividend tax? >> it comes into this concern of mine about income inequality and wage inequality that is an epidemic in this country. we have so isolated at handful of women and men in this economy, purposefully. we have not only tolerated they're becoming inordinately rich, but we encourage it -- >> to pick on henry kravitz as one of the names, he pays those taxes and a capital gains transaction. he does charities. i don't know which ones. he does this, that, and the...
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can there be tax reform? someone, he actually reformed the tax policy -- and i look a little pink. should i consider spray tanning? this is "bloomberg surveillance ." live from world headquarters in new york. friday before the oscars on sunday. scarlet fu can barely contain herself. joining me are scarlet fu and adam johnson. >> i've got to go by the chips and dip. >> the only problem is you have to be up at 2:00 a.m. monday morning. time for the morning brief. what happened overnight. ecb president mario draghi said policymakers are committed to defending the euro area against inflation. this was in a speech late yesterday in frankfurt. in the u.k., home prices rose as the property market got a boost from low borrowing costs and easier access to mortgages. in ta
can there be tax reform? someone, he actually reformed the tax policy -- and i look a little pink. should i consider spray tanning? this is "bloomberg surveillance ." live from world headquarters in new york. friday before the oscars on sunday. scarlet fu can barely contain herself. joining me are scarlet fu and adam johnson. >> i've got to go by the chips and dip. >> the only problem is you have to be up at 2:00 a.m. monday morning. time for the morning brief. what...
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it talked about tax incentives in regulation. what kind of tax incentives would you pursue? how much would that cost? contest to compete to bring jobs to their states. we are not competing. we are asleep. governor brown is not traveling insane bring your factory here. elon musk just yesterday announced his new battery factory. not looking to build in california. i do not fault elon musk for making a wild business decision. we need to improve california's economic climate so we are in the hunt. if you look up these windows, we have some natural advantages in california. nobody wants to move to texas. people love california. we do not need to be the cheapest place in the world but we need to be competitive and we are not. in arizona,building apple in texas. how would you get them to do california instead. >> the regulatory litigation complex in sacramento is out of control. hundreds of regulations every year. it is like a giant ball of yarn because bigger and bigger. we need to reign that and. when legislators want to build a new arena, they take it from the environmental revi
it talked about tax incentives in regulation. what kind of tax incentives would you pursue? how much would that cost? contest to compete to bring jobs to their states. we are not competing. we are asleep. governor brown is not traveling insane bring your factory here. elon musk just yesterday announced his new battery factory. not looking to build in california. i do not fault elon musk for making a wild business decision. we need to improve california's economic climate so we are in the hunt....
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carried interest belongs as part of a broader tax reform, but none actually tax it correctly. it withet serious about something with integrity it is just convenient, and that is no way to do tax policy. real,ld do some meaningful tax reform. really hurt his base if he takes on entitlement reform in a way that means cutting entitlements in the future. >> can i say something about that? >> was that my? -- mya? hurting his about base might be true politically, but what is the priority of the base and the country, protecting the people who depend on the programs and ongoing delay does real damage. the fact that we are not making changes to social security to get his solvent in the long-term. people who depend on the programs will be hurt. -- good might be short and the short run, it might be damaging in the long run. >> so important. the plan for social security is to cut benefits 25% across the board. we arty have a plan to cut benefits. a terrible plan. it will hurt the people that reformed the base. these are not problems that's all show up 20 years from now. within 10 years we
carried interest belongs as part of a broader tax reform, but none actually tax it correctly. it withet serious about something with integrity it is just convenient, and that is no way to do tax policy. real,ld do some meaningful tax reform. really hurt his base if he takes on entitlement reform in a way that means cutting entitlements in the future. >> can i say something about that? >> was that my? -- mya? hurting his about base might be true politically, but what is the priority...
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further evidence people are spending he for the april tax increase -- before the april tax increase kicks into action. >> what else do that for you today? production,l machinery orders coming in, that was an enormous figure. it grew the most since 2011. four percent was the actual figure and estimates for 2.8%. high demand for cars. governor,f japan everything to make it happen. so far, so good. friday, i know you love your films. who will win best picture this weekend at the oscars? >> i think it will probably be 12 years a slave. that will win. i hope. or "gravity." >> i think you are right, john. let's turn to ukraine. aidan is developing, the interim government has been sworn in -- >> the ukrainian parliament has just voted in a new government. the job be to prepare the country for snap elections in may. a billion dollars in loan guarantees. the imf will send a delegation here next week. those loan issues are big 1, 13 billion dollars is what this country owes. a lot of that money is due in june. i spoke to the countries new prime minister. >> we will do everything not to default. if
further evidence people are spending he for the april tax increase -- before the april tax increase kicks into action. >> what else do that for you today? production,l machinery orders coming in, that was an enormous figure. it grew the most since 2011. four percent was the actual figure and estimates for 2.8%. high demand for cars. governor,f japan everything to make it happen. so far, so good. friday, i know you love your films. who will win best picture this weekend at the oscars?...
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five years ago, they would go to out-of-the-way places to save on taxes, but the tax issue has gone away in e-commerce, and they're coming right in with the population is. >> it is all because of this demand for same day delivery -- >> it is going in that direction . nothing is getting slower. >> we will be back with hamid moghadam, the chairman and ceo of prologis. coming up, dish pulling ahead in the race to deliver television over the internet. can it succeed where others have failed? ♪ >> we are back with prologis chairman and ceo hamid moghadam. we were talking about what is going on in the u.s., but i'm curious about what is going on on overseas because we care about emerging markets not growing like they used to -- because we hear about how emerging markets are not growing like they used to. what are you saying outside of the u.s.? >> emerging markets have slowed down, brazil and mexico have been slow, but our business is gdp.ed to consumption, not consumption is related to the emergence of the middle class, and these companies are going through a phase where they are in the ste
five years ago, they would go to out-of-the-way places to save on taxes, but the tax issue has gone away in e-commerce, and they're coming right in with the population is. >> it is all because of this demand for same day delivery -- >> it is going in that direction . nothing is getting slower. >> we will be back with hamid moghadam, the chairman and ceo of prologis. coming up, dish pulling ahead in the race to deliver television over the internet. can it succeed where others...
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at whether 14ng swiss banks helped americans evade taxes. that they are currently in negotiations with authorities. >> we are currently in discussions with the department of justice. we have ways to find a settlement. we have been there for four years. it is not something new. we are looking to find a settlement. cleanup they start of a in the financial industry? in hong kong, the bahamas, or london, every major center will have higher standards of clients acceptance and diligence. ultimately this is good for financial services. it is good for the integrity of the system. we are working on an undeclared basis in the past. we are slowly in the age where they are facing succession and the new generation of clients, they do not want to have anything to do with undeclared money. they preferred for less money that can be moved freely than or fear of complication confusion that their parents might have had. banksseems like swiss will get rich off of u.s. clients with undeclared assets. the question is whether it will go all the way. will this also
at whether 14ng swiss banks helped americans evade taxes. that they are currently in negotiations with authorities. >> we are currently in discussions with the department of justice. we have ways to find a settlement. we have been there for four years. it is not something new. we are looking to find a settlement. cleanup they start of a in the financial industry? in hong kong, the bahamas, or london, every major center will have higher standards of clients acceptance and diligence....
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. $60 billion to expand tax credits like the earned income tax credit. what it also does is pays for crop including insurance subsidies and cutting back on certain types of tax loopholes. what this underlines is a new reality for the obama administration. it is an election year. has startedpicture to improve. take a listen to what the president had to say that. >> is a roadmap for creating jobs with good wages and expanding opportunity for all americans. at a time when i deficit has been cut in half. it allows us to meet our obligations to future generations. from the heard president, deficit picture is looking better. much so that levels will be below where they were before the budget crisis. >> how do republicans react to away from the emphasis on deficit reduction act out >? >> john baeder came out and said that this was the most irresponsible budget yet of the obama has proposed. the president laster put out an all french to republicans and said he was willing to make changes to social security, medicare and other entitlement programs. those are all
. $60 billion to expand tax credits like the earned income tax credit. what it also does is pays for crop including insurance subsidies and cutting back on certain types of tax loopholes. what this underlines is a new reality for the obama administration. it is an election year. has startedpicture to improve. take a listen to what the president had to say that. >> is a roadmap for creating jobs with good wages and expanding opportunity for all americans. at a time when i deficit has been...
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when people start getting tax returns back. >> that's what we are expecting. you'll get a little more cash on hand. this is the year many middle-income americans are going to see the tax on their interest reduced. they may get a little less. >> about 30 seconds left. non-manufacturing data. at richmond fed survey, what's a likely to tell us? >> it remains flat. retail is taking it on the chin. at thewill probably stay level. >> a look at the week ahead. have a good weekend. up next, it seems to be in every action film ever made. it's the car flip used during an exciting car chase sequence. the man honored by the economy andin this role. ♪ the academy awards this sunday. you have probably heard of them. have you ever heard of the cytec awards? they are innovators who dream up cool stuff for films. at this year, they gave a lifetime achievement award to the special effects crews behind the pneumatic car flipper. what is it? put together a show and tell. if you saw paramount's transformers dark of the moon, you might recall a sea of exploding cars. this behind-
when people start getting tax returns back. >> that's what we are expecting. you'll get a little more cash on hand. this is the year many middle-income americans are going to see the tax on their interest reduced. they may get a little less. >> about 30 seconds left. non-manufacturing data. at richmond fed survey, what's a likely to tell us? >> it remains flat. retail is taking it on the chin. at thewill probably stay level. >> a look at the week ahead. have a good...
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peter will have a live interview with the chairman of the tax writing ways and means committee. they will discuss the chairman's new tax proposal in the 4:00 hour of "street smart" only on bloomberg. coming up, more on janet yellen's testimony. u.s.l be joined by chief economist at jpmorgan when we return. ♪ lex federal reserve chair janet yellen repeated the central banks likely to keep trimming asset personages -- asset purchases. for a look at that, i'm joined here by the chief u.s. economist at j.p. morgan chase. welcome back to "bottom line." >> good to be back. >> chairman yellen said she and her colleagues will continue to monitor data to determine if recent weakness in the u.s. economy is temporary. bondlso added the purchases in her words are not on a preset course. >> i took away there is still a high hurdle to stop or pause in the tapering process. it is not on a preset course. take a different look in the labor market to stop --. if that data were to really come in below expectation, we cannot rule out a deposit the next meeting. however thomas the labor market loo
peter will have a live interview with the chairman of the tax writing ways and means committee. they will discuss the chairman's new tax proposal in the 4:00 hour of "street smart" only on bloomberg. coming up, more on janet yellen's testimony. u.s.l be joined by chief economist at jpmorgan when we return. ♪ lex federal reserve chair janet yellen repeated the central banks likely to keep trimming asset personages -- asset purchases. for a look at that, i'm joined here by the chief...
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taxes for families. he laid out his plans at a washington dc elementary school. >> i laid out an agenda to restore opportunities for all people. that nod the principle matter who you are, no matter where you started, you can make it if you try here in america. this opportunity agenda is built on four parts -- more good jobs and good wages from a making sure we are training workers with the skills they need to get those jobs, guaranteeing every child access to a world-class education, and making sure our economy is one in which hard work is rewarded. the budget i sent congress this morning lays out how we will implement this agenda in a balanced and responsible way. this budget adheres to the spending levels of both houses of congress, but also builds on that progress with what we are calling an opportunity, growth, and security initiative that invests in our economic ortiz in a way that's fully paid for by making smart spending cuts and closing tax loopholes that only benefit the well-off and well-connec
taxes for families. he laid out his plans at a washington dc elementary school. >> i laid out an agenda to restore opportunities for all people. that nod the principle matter who you are, no matter where you started, you can make it if you try here in america. this opportunity agenda is built on four parts -- more good jobs and good wages from a making sure we are training workers with the skills they need to get those jobs, guaranteeing every child access to a world-class education, and...
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you talk about tax incentives and regulations. what kind of tax incentives would you pursue and how much would they cost? >> there is a contest among all 50 states to compete to bring jobs to their states. we are not competing. we are asleep. governor brown is not traveling to other states to bring factories here. elon musk just two days ago announced his new gigafactory - >> up $5 billion battery factory not to be built in california. >> not even considering california. i don't fault him for making a wise business decision but went to improve california's economic climate so we are in the hunt. if you look outside these windows, we have some natural advantages in california. i like to joke that nobody wants to move to texas. people of california. we don't need to be the cheapest place in the world but we need to be competitive and were not. >> apple is building a factory in arizona, samsung in texas -- how would you get them to choose california instead? >> first of all, the regulatory litigation complex in sacramento is out of c
you talk about tax incentives and regulations. what kind of tax incentives would you pursue and how much would they cost? >> there is a contest among all 50 states to compete to bring jobs to their states. we are not competing. we are asleep. governor brown is not traveling to other states to bring factories here. elon musk just two days ago announced his new gigafactory - >> up $5 billion battery factory not to be built in california. >> not even considering california. i...
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inthey are one of the best taxing things very quickly. the security model of them packing a system before you install it, that does not exist for other services. they have a whole workflow of security. they are better. >> according to you, you discovered a major security lines hinder, which as i understand it, would allow bad actors to track down the exact location of someone using the service? >> absolutely. the flaw allows you to triangulate someone's exact location as they used the mobile dating cap tinder. you can track someone at the used it and moved around. >> you contacted tinder about that they solday in 48 hours. you say something different. >> i don't know behind the scenes of what they did, but from my understanding, they fix that shortly after and he did not give us details of a fix, so we had to check on our own. cap we checked, it appeared -- hatched -- patched. >> tinder says -- they say they do not know any situation where people are actually using this information to try to find someone. policy.go back to this apple has
inthey are one of the best taxing things very quickly. the security model of them packing a system before you install it, that does not exist for other services. they have a whole workflow of security. they are better. >> according to you, you discovered a major security lines hinder, which as i understand it, would allow bad actors to track down the exact location of someone using the service? >> absolutely. the flaw allows you to triangulate someone's exact location as they used...
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you are not going to raise the gas tax, you are not going to restructure the corporate tax code in the near future. but if oil prices can stay where they are or go up a little bit and can fund the development of a lot of energy infrastructure, that will drive road, rail, and other transportation infrastructure we're talking about. you need a private sector impetus. dry?sentially the pot is the piggy bank is empty? >> it pretty much is. highway funding is done. vehicle miles traveled have been dropping. gas tax revenues are falling. the need for a public-private partnership. you have private money coupled with public management. why can't we get that done? >> that does happen. but the economic incentive has to be there. we start natural gas exports and crude oil exports. the prices equalize between the center of the u.s. where the crude oil piles up in barrels and the rest of the world -- you can have it better environment for private investment and international energy agency's have estimated that it is in the trillions of dollars, the infrastructure investment, to man come in to devel
you are not going to raise the gas tax, you are not going to restructure the corporate tax code in the near future. but if oil prices can stay where they are or go up a little bit and can fund the development of a lot of energy infrastructure, that will drive road, rail, and other transportation infrastructure we're talking about. you need a private sector impetus. dry?sentially the pot is the piggy bank is empty? >> it pretty much is. highway funding is done. vehicle miles traveled have...
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. >> next, one of switzerland's banks inhey -- biggest the tax e-mail is in after the break. >> julie is there. the u.s. investigation is hoping to reach a settlement this year. lawmakers have been looking into whether 14 swiss bank helped americans of a taxes while in an exclusive interview. the ceo says they are currently in negotiations with authorities. we are currently in discussion with the department finding a on ways of settlement. we have been already out there for four years. for us it's not something new. we are looking to find a settlement this year. >> is this the start of a cleanup and switzerland's financial industry? in singapore or hong kong or london. everyone will have higher acceptance, client of diligence, and i think ultimately this is good for financial services, for the integrity of the system, clients that maybe were working on an undeclared basis in the past are slowly in the age where they are facing succession, and the new , theytion of clients don't want to have anything to do with the money because they don't understand it. they prefer to have less, but t
. >> next, one of switzerland's banks inhey -- biggest the tax e-mail is in after the break. >> julie is there. the u.s. investigation is hoping to reach a settlement this year. lawmakers have been looking into whether 14 swiss bank helped americans of a taxes while in an exclusive interview. the ceo says they are currently in negotiations with authorities. we are currently in discussion with the department finding a on ways of settlement. we have been already out there for four...
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brady dougan will be in the hot seat on how credit suisse help americans dodge taxes. hans nichols has more. the accusation is pretty shocking, isn't it -- $10 billion. how did the committee arrive at this number? i sat down with brady dougan a couple of weeks ago. he is tightlipped on the issue. >> the committee spent six years on this. it is a some hundred 70 page report. talk about numbers alone -- credit suisse has turned over the names of 238 banks accounts. the allegation in the report is that there were 10,000 visits by clients to one branch inside this a wreck airport. when you go to the zÜrich airport, we buy chocolate. apparently it is where you go to do your banking as well. they had 1800 employees that were dedicated to serving u.s. clients. the details are explosive. a fake visa applications, document shredding, you have secret meetings in secret elevators. you have inc. statements being theed to clients inside magazine "sports illustrated." it is remarkable. what brady dougan will have to account for is that if there was a culture at the bank that was tr
brady dougan will be in the hot seat on how credit suisse help americans dodge taxes. hans nichols has more. the accusation is pretty shocking, isn't it -- $10 billion. how did the committee arrive at this number? i sat down with brady dougan a couple of weeks ago. he is tightlipped on the issue. >> the committee spent six years on this. it is a some hundred 70 page report. talk about numbers alone -- credit suisse has turned over the names of 238 banks accounts. the allegation in the...
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i do not like to pay taxes. i'm not a huge fan of the fed. i do not need bitcoin to be excepted in the mainstream. i'm just not one of the sheep very >> what is interesting is even if you define success more narrowly, which is, you do not have to have everyone using it as long as people who do not believe in the government can use it is fine, there is an artificial taxable people. exchange, every wallet, almost all them have been had. if you think about what insurance premiums you would have to pay to make people whole, it is high. there is an invisible tax in using bitcoin that people do not realize. interesting. even for people who do not believe in government and did not believe regulation is good for bitcoin, the improvement that will come from more focus on this from regulatory bodies will help them. >> janet yellen talking about it. thank you. you can check out my full piece today at usa today.com. or in his favor. coming up, twins are heading to space. our team wonders if they are that are off in a double mint commercial. check out mor
i do not like to pay taxes. i'm not a huge fan of the fed. i do not need bitcoin to be excepted in the mainstream. i'm just not one of the sheep very >> what is interesting is even if you define success more narrowly, which is, you do not have to have everyone using it as long as people who do not believe in the government can use it is fine, there is an artificial taxable people. exchange, every wallet, almost all them have been had. if you think about what insurance premiums you would...